Mortgage Breaks

Grah

I have to take a mortgage break and my company C&G tell me i have to answer a few questions first, the answers depend on whether or not i will get this break, does anyone know what these questions are?

beecher2

No idea, but mortgage breaks aren't guaranteed and it is up to the lender if they will allow it. Just be 100% honest and see what they say.

chergar

We had a mortgage break twice, it was one month and it was added on to the end of our term. We took it when we had the children as dh was off work so wasn't earning his full potential and there were costs involved with having the babies, especially dd who was early and was born in a hospital about 40 miles from home so there was extra travelling involved for dh to visit us. Our mortgage company was fine about it and just asked the basic questions that you would expect, why you wanted it, when you could pay it back and if your earnings etc were still the same.

luckyfool

Basically (and I know I'm being flippant, but this is pretty much how its going to work with C&G), if your answers to their questions imply you want the break because of financial hardship .... e.g. made redundant, tough going with your business, tax bill etc, you can pretty much guarantee they will say no. On the other hand if its because you are buying a fancy new car, taking a once in a lifetime holiday etc and just want to get a couple of months off your mortgage they will probably say yes.

Great the way these things work isn't it?

Grah

...so can i pick your brains, please? The reason i am approaching them is that both my twins are starting Uni end of Sept (and all that entails) and i have just gone onto half pay because of an illness - due back in work within the next three months - would they accept these reasons? Thanks in advance

somethingcorporate

Grah wrote: »

...so can i pick your brains, please? The reason i am approaching them is that both my twins are starting Uni end of Sept (and all that entails) and i have just gone onto half pay because of an illness - due back in work within the next three months - would they accept these reasons? Thanks in advance

No-one except your lender could provide anything but conjecture to that question.

luckyfool

I would focus on the positive. i.e. You are more likely to get a yes if you just say you have alot of one off costs coming up with your twins starting university in a few months (such as deposits for flats to rent etc) so it would be helpful if you could have a one off 3 month payment holiday.

SouthCoast

Having problems with your mortgage payments?

http://mortgagehelp.direct.gov.uk/default.aspx